- Rumors surrounding BlackRock’s BTC ETF have been gaining traction lately.
- However, DTCC clarified that it had added the ETF itself as “standard practice” in August.
The asset management giant BlackRock fell victim to a new misleading speculation.
Traders recently got very excited when they noticed that the Depository Trust & Clearing Corporation (DTCC) had listed BlackRock’s iShares spot Bitcoin. [BTC] exchange-traded fund (ETF) on its website.
Eric Balchunas, ETF analyst at Bloomberg, also shared the news on X (formerly Twitter). The Bitcoin ETF’s ticker will be IBTC, he said.
The iShares Bitcoin Trust is listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ transactions). And the ticker will be $IBTC. Again, all part of the process of bringing ETF to market. h/t @martypartymusic pic.twitter.com/8PQP3h2yW0
— Eric Balchunas (@EricBalchunas) October 23, 2023
It led to speculation in the crypto market that the US Securities and Exchange Commission (SEC) would soon approve BlackRock’s offering.
Reuters refutes rumors
But it turns out that the ETF had been on the DTCC website since August per a recent report from Reuters.
The report stated that the Bitcoin ETF was added to an eligibility file from DTCC’s clearinghouse in August itself. DTCC had added it as a “standard practice” for potential ETFs.
The report quoted a DTCC spokesperson’s comment on the matter, saying:
“Appearance on the list is not indicative of an outcome for any outstanding regulatory or other approval processes.”
Obtaining a ticker symbol and unique ID code, known as CUSIP, is a standard part of the preparatory work for any proposed ETF. This does not mean that the offer has been approved for trading.
This is not the first misleading speculation this month
This is the second time in October that misleading speculation surrounding BlackRock’s Bitcoin ETF received significant attention.
A leading crypto-focused news publication posted an erroneous tweet on October 16 stating that the SEC had approved the iShares spot Bitcoin ETF. The publication later apologized for the error.
Both speculations led to a market frenzy that quickly subsided when the dust settled.
